We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
The Tycoon Herald
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Reading: Out-Of-Town Home Buyers With Deep Pockets Are Edging Out Local Buyers
Sign In
The Tycoon HeraldThe Tycoon Herald
Font ResizerAa
Search
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© Tycoon Herald. All Rights Reserved.
Out-Of-Town Home Buyers With Deep Pockets Are Edging Out Local Buyers
The Tycoon Herald > Business > Out-Of-Town Home Buyers With Deep Pockets Are Edging Out Local Buyers
BusinessReal Estate

Out-Of-Town Home Buyers With Deep Pockets Are Edging Out Local Buyers

Tycoon Herald
By Tycoon Herald 5 Min Read Published February 15, 2022
Share
SHARE

Remote work is paving the way for many Americans to move to relatively affordable places.

getty

An influx of out-of-towners with big budgets is contributing to the rise in home prices in popular migration destinations, pricing out many local buyers, according to a new report from real estate brokerage Redfin.

 The average out-of-towner moving to Nashville in 2021 had $736,900 to spend on a home, 28.5% higher than the $573,400 average budget for local buyers. The report cited Nashville as having the biggest budget gap among the cities included in its analysis.

Next comes Philadelphia, with an average out-of-town budget of $559,200—28.4% higher than the average local budget. It’s followed by New York City, where the average out-of-towner had a 26.5% higher budget than the average local resident, and Atlanta, where migrants had a 26.1% bigger budget. Miami rounds out the top five, with an average out-of-town budget 25.1% higher than that of locals. Out-of-towners have higher budgets than locals in 42 of the 49 cities included in Redfin’s report.

The upswing in people moving from one area to another since the start of the pandemic is due partly to remote workers moving to relatively affordable areas in search of larger homes with more outdoor space. Out-of-towners frequently have bigger budgets than local residents because they may come from a place with higher salaries, and/or they may have sold a home in a more expensive city.

That’s good news for people moving from a place with sky-high home prices like coastal California to an area that’s still comparatively affordable, like Nashville or Atlanta. For instance, the typical home in Los Angeles—the most common origin of people moving to Nashville—sold for $950,000 in December, versus $411,000 in Nashville. The typical home in New York City —the most common origin of people moving to Atlanta and Miami—sold for $785,000, versus $385,000 in Atlanta and $459,000 in Miami.

MORE FOR YOU

The influx of out-of-towners with big budgets is contributing to the rise in home prices in popular migration destinations, pricing out many locals. Nashville home prices remain lower than many expensive coastal cities, but were up 22.6% in December from the year before. So while Nashville may be a good deal for someone coming from Los Angeles, many local residents are stuck renting.

“We’re seeing a lot of out-of-state transplants, mostly from states like California that have an income tax,” said Hope Geyer, a Redfin agent in Nashville, where there’s no state income tax. “People moving from the West Coast will pay way over asking price without batting an eye. In their eyes, they’re getting a deal. It’s really hard for locals to compete right now, and it can be devastating for first-time buyers who aren’t able to offset high prices by selling a home before they buy a new one.”

Locals have bigger budgets in several Bay Area cities

Locals had higher budgets than out-of-towners in seven of the 50 cities in the analysis, most of which are in California: Four Bay Area cities (Fremont, Pleasanton, San Jose and San Francisco) and Riverside, plus Baltimore and Frisco, Texas.

The average budget for Fremont locals was $1,560,600, about 6% higher than the average budget for out-of-towners. That’s a bigger premium than any other city in this analysis. It’s followed by Pleasanton, where locals had an average budget of $1,752,400, roughly 5% higher than the average migrant budget.

Bay Area locals tend to have bigger budgets than people moving in from out of town because they have some of the highest incomes in the country.

You Might Also Like

Russia for Business: Experts Who Help Drive Decisions

The Quiet Shift in America’s Workforce: Why Side Hustles Are Becoming Essential for Women Over 40

Joseph Safina’s Driven Becomes Amazon Bestseller, Blending High Finance with High Speeds

Fashion Designer Hyeonseo Irene Park: Redefining Menswear Through Originality and Collaboration

From Pattaya to the World: Bryan Flowers’ Unstoppable Rise as a Global Entrepreneur

TAGGED:Real EstateThe Forbes Journal
Share This Article
Facebook Twitter Email Copy Link Print
Trump threatens tech export limits, new 100% tariff on Chinese language imports
World

Trump threatens tech export limits, new 100% tariff on Chinese language imports

President Donald Trump speaks within the Oval Workplace of the White Home, Friday, Oct. 10, 2025, in Washington, as Virginia Gov. Glenn Youngkin, Facilities for Medicare & Medicaid Providers administrator…

By Tycoon Herald 8 Min Read
At this time on Sky Sports activities Racing: Chepstow, Hexham and Wolverhampton
October 11, 2025
Eddie Hearn Says Boots Ennis Is The Boxer Succesful Of Beating Bud Crawford
October 11, 2025
Chicago Information Producer Violently Arrested by Feds in Site visitors, on Video
October 11, 2025
Anthony Joshua desires Tyson Fury struggle ‘greater than something’ – promoter Eddie Hearn explains the plan that will result in it
October 11, 2025

You Might Also Like

Astana International Forum 2025: “Connecting Minds, Shaping the Future”
BusinessTrending

Astana International Forum 2025: “Connecting Minds, Shaping the Future”

By Tycoon Herald 3 Min Read
Investment success: GP Fatih Marketing Research Co LLC and the gold dream in Africa
BusinessTrending

Investment success: GP Fatih Marketing Research Co LLC and the gold dream in Africa

By Tycoon Herald 4 Min Read
Gaza residents stream dwelling to the north after hostage breakthrough By Reuters
Business

Gaza residents stream dwelling to the north after hostage breakthrough By Reuters

By Tycoon Herald 6 Min Read

More Popular from Tycoon Herald

MEET THE FATHER OF COADUNATE ECONOMIC MODEL
BusinessTrending

MEET THE FATHER OF COADUNATE ECONOMIC MODEL

By Tycoon Herald 2 Min Read
Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

By Tycoon Herald
Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments
InnovationTrending

Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments

By Tycoon Herald 7 Min Read
Sports

Reece James’ late purpose wins London man Tremendous 6 Jackpot!

A fortunate soccer fan is £100,000 higher off after Reece James’ ninety fifth equaliser in opposition…

By Tycoon Herald
Business

Boeing’s Starliner to return uncrewed as NASA faucets SpaceX for astronauts’ return By Reuters

(Reuters) - NASA will return Boeing (NYSE:)'s defective Starliner capsule to Earth with out astronauts Butch…

By Tycoon Herald
Trending

U.S. Blew Up a C.I.A. Post Used to Evacuate At-Risk Afghans

A controlled detonation by American forces that was heard throughout Kabul has destroyed Eagle Base, the…

By Tycoon Herald
Leadership

Northern Lights: 17 Best Places To See Them In 2021

Who doesn’t dream of seeing the northern lights? According to a new survey conducted by Hilton, 59% of Americans…

By Tycoon Herald
Real Estate

Exploring Bigfork, Montana: A Little Town On A Big Pond

Bigfork, Montana, offers picturesque paradise in the northern wilderness. National Parks Realty With the melting of…

By Tycoon Herald
Leadership

Leaders Need To Know Character Could Be Vital For Corporate Culture

Disney's unique culture encourages young employees to turn up for work with smiles on their faces.…

By Tycoon Herald
The Tycoon Herald

Tycoon Herald: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Terms of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© Tycoon Herald. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?